Citadel founder Ken Griffin was previously skeptical about cryptocurrency and its usefulness. He recently changed his mind and plans to offer digital asset investment options to his clients. This plan will be put into action soon. Citadel is a hedge fund company based in the US and it manages billions of dollars. Due to Ken Griffin’s change of mind the company is setting up a department to manage crypto assets.
In a recent interview with Bloomberg Wealth, Ken Griffin talked about the state of world markets and political events. In his opinion, markets are volatile and there is no end in sight. When the topic of digital assets was brought up, he told the interviewer that his firm would participate in the crypto market. He had earlier warned people away from buying crypto as there was no need for an such an alternative.
Ken Griffin had expressed his skepticism of crypto way back in 2017 and said that Bitcoin and the tulip bubble in Holland had the same issue. People who invest in crypto will end up regretting it. In November 2017, BTC prices were at $10,000 and he was not sure how long BTC would be around.
His investment company Citadel takes a close look at global markets before using appropriate investment strategies to get the best returns. Citadel’s first foray into the crypto arena was a $1.15 billion investment in Paradigm and Sequoia Capital. Both of these firms are known as the best VC firms in the crypto sector.